Ripple (XRP) Price Holding Key Support: Downside Thrust Before Higher?
- Ripple price corrected lower, but the $0.4200 area acted as a strong support against the US dollar.
- The price bounced back above the $0.4340 and $0.4400 levels to move back in a positive zone.
- Yesterday’s highlighted crucial ascending channel is intact with support at $0.4380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to correct lower once again before a fresh increase above the $0.4600 resistance area.
Ripple (XRP) Price is gaining bullish momentum against the US Dollar and bitcoin. XRP might dip sharply to fill buy orders before it climbs back above the $0.4600 and $0.4650 levels.
Ripple (XRP) Price Analysis
This week, there was a strong and steady rise in Ripple (XRP) Price from the $0.3950 support against the US Dollar. The XRP/USD pair traded higher and surpassed many barriers near $0.4200 and $0.4400. There was a proper close above the $0.4200 level and the 100 hourly simple moving average. The price rallied towards the $0.4600 level, but struggled to continue higher. As a result, there was a sharp downside correction below the $0.4500 and $0.4450 support levels.
A swing low was formed at $0.4206 before the price climbed higher. More importantly, yesterday’s highlighted crucial ascending channel is intact with support at $0.4380 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.4578 and it is currently correcting lower. It broke the $0.4500 level and the 23.6% Fib retracement level of the recent wave from the $0.4206 low to $0.4578 high. However, the $0.4400 support area is acting as a support. Moreover, the 50% Fib retracement level of the recent wave from the $0.4206 low to $0.4578 high is holding losses.
Still, there are chances of a downside break below the $0.4400 and $0.4380 supports. In the mentioned case, the Ripple (XRP) Price could spike towards the $0.4300 or $0.4250 support levels. The main support is near the $0.4200 level and the 100 hourly simple moving average. As long as the price is above the $0.4200 support, it remains in an uptrend.
Looking at the chart, ripple price is currently trading above a few important supports such as $0.4380. The bulls remain in control, but there could be another dip below $0.4380 before the price starts a fresh increase. On the upside, an initial resistance is near the $0.4500 level, above which the price is likely to grind above the $0.4600 level.
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level, with a positive angle.
Major Support Levels – $0.4400, $0.4380 and $0.4200.
Major Resistance Levels – $0.4500, $0.4520 and $0.4600.
Disclosure: Opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and doing everything they can to defraud unsuspecting victims, Anyone who invests in cryptocurrencies should thoroughly research the company they are choosing to invest with to avoid scams.
Click on the link to invest and start earning today: The Most Trusted Crypto Company
Please kindly share on all Social Media Platforms. Thanks